Enovix (NASDAQ:ENVX) Trading Up 0.1%

Enovix Co. (NASDAQ:ENVX) rose 0.1% on Thursday . The stock traded as high as $9.54 and last traded at $9.08. Approximately 1,329,858 shares changed hands during trading, a decline of 75% from the average daily volume of 5,416,151 shares. The stock had previously closed at $9.07.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Canaccord Genuity Group raised their price objective on Enovix from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Craig Hallum upped their price objective on Enovix from $15.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Oppenheimer reiterated an “outperform” rating and set a $36.00 price objective on shares of Enovix in a report on Monday, August 26th. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 target price on shares of Enovix in a research note on Thursday, August 1st. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $19.00 target price (down from $23.00) on shares of Enovix in a research report on Monday, August 5th. One analyst has rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $21.33.

Enovix Price Performance

The firm has a market cap of $1.60 billion, a P/E ratio of -6.78 and a beta of 1.99. The company has a current ratio of 3.98, a quick ratio of 3.84 and a debt-to-equity ratio of 0.97. The firm has a 50-day simple moving average of $10.78 and a 200-day simple moving average of $10.51.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings results on Wednesday, July 31st. The company reported ($0.25) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.04. The business had revenue of $3.77 million for the quarter, compared to the consensus estimate of $3.85 million. Enovix had a negative return on equity of 91.21% and a negative net margin of 1,434.34%. As a group, analysts forecast that Enovix Co. will post -1.21 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of ENVX. Vanguard Group Inc. increased its stake in Enovix by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 13,093,710 shares of the company’s stock worth $104,881,000 after buying an additional 164,717 shares in the last quarter. Driehaus Capital Management LLC lifted its stake in Enovix by 63.7% in the 2nd quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company’s stock worth $60,085,000 after purchasing an additional 1,512,424 shares in the last quarter. Electron Capital Partners LLC boosted its holdings in shares of Enovix by 20.0% during the 4th quarter. Electron Capital Partners LLC now owns 3,239,296 shares of the company’s stock worth $40,556,000 after purchasing an additional 540,399 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Enovix by 2,228.5% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,438,011 shares of the company’s stock valued at $11,518,000 after purchasing an additional 1,376,253 shares in the last quarter. Finally, Masters Capital Management LLC increased its holdings in shares of Enovix by 3.8% in the first quarter. Masters Capital Management LLC now owns 1,350,000 shares of the company’s stock valued at $10,814,000 after purchasing an additional 50,000 shares during the last quarter. 50.92% of the stock is owned by institutional investors and hedge funds.

About Enovix

Enovix Corporation designs, develops, and manufactures lithium-ion batteries. It serves wearables and IoT, smartphone, laptops and tablets, industrial and medical, and electric vehicles industries. The company was founded in 2007 and is headquartered in Fremont, California.